How a Scanning Application of Low Code Machine Learning Automates 80% of your Accounting Function
July 28, 2022, Plano, Texas – Viscosity's COO and Head of Applications, Jerry Ward, presented a scanning application created by his team at the APEX Open Mic Night at ODTUG's Kscope22. This application was developed in Oracle APEX and can convert unstructured, raw data and documentation into organized and enriched data using advanced machine learning, eliminating the need for human data entry. It helped automate Viscosity's client accounting functionality eliminating the need for human data entry while rivaling its accuracy.
Every document that goes into or out of accounting, from spreadsheets to checks, bank statements, AP/AR invoices, and purchase orders, is classified and reconciled in real-time, enabling a continuous close for financing. At the center of this solution is Oracle Application Express, with its REST web service engine to integrate services across Banks, Treasury Management, AP, AR, Assets, and GL.
It works simply: ingest any document in any language and reconcile it, for example, a handwritten invoice, and it transforms it into data through leveraging AI. AI recognizes the text in seconds, replacing the low-level work required by human data entry that can take 20-30 minutes. Viscosity AI can do low-level work, allowing its clients to focus on the more significant, essential tasks. Low code, easy to run, maintain and extend with emerging technology, including AI, ML, and Blockchain in the Oracle Cloud.
Benefits for customers:
- Integrate banks faster to support global rollout while adding $0 software costs.
- Handwriting recognition with 96% accuracy for field users
- The reduced closing period of financial reporting as AI/ML capacities make all processes have been automated.
- Significant savings in discovering the value of paying the right supplier at the right time.